多数海外门店的客流量减少和排队现象消失!华尔街质疑:泡泡玛特选择“走量模式”,对吗?

华尔街见闻
Dec 17, 2025

市场的风向正在发生剧烈转变。德意志银行认为,泡泡玛特的“稀缺性”的消失正在扼杀品牌的溢价能力。据追风交易台,在德银12月16日的最新研报中,将泡泡玛特的评级下调至“持有”。德银指出,自2025年10月中旬以来,泡泡玛特的产能激进扩张消除了产品短缺,这虽然在短期内满足了供应,但也引发了致命的“时尚疲劳”。对于投资者而言,最危险的信号已经出现:除了新开业门店或东京等极少数城市外,绝大多数海外市场的门店...

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